Budapest

Here are the top 5 Mexican restaurants in Budapest

Looking for a slice of Mexico in the middle of Europe? Don’t worry, there are plenty of amazing Mexican restaurants in Budapest. From sizzling fajitas to mouth-watering tacos, the city is brimming with fantastic Mexican restaurants. Whether you’re after a quick bite or a full fiesta, these culinary gems bring the heat and zest of Mexican cuisine right to Budapest’s doorstep.

Tereza

Located on Nagymező Street, Tereza stands out as one of the most inviting Mexican restaurants in Budapest. Its colourful interior and lush garden transport diners to a vibrant Mexican fiesta. The menu boasts authentic dishes like tacos and guacamole, complemented by expertly crafted margaritas. Tereza’s lively atmosphere and warm hospitality make it a must-visit for those craving an immersive culinary experience.

Iguana Bar & Grill

Iguana Bar & Grill, situated near Szabadság Square, has earned its place as one of the top Mexican restaurants in Budapest. Known for its hearty portions and bold flavours, this restaurant offers everything from sizzling fajitas to creamy enchiladas. Its relaxed cantina-style setting and welcoming staff create a cheerful backdrop for enjoying classic Mexican dishes.

Arriba Taqueria

When it comes to quick, customisable meals, Arriba Taqueria is a standout choice among Mexican restaurants in Budapest. With locations across the city, this eatery allows diners to build their own burritos, tacos, and bowls using fresh, high-quality ingredients. Ideal for a fast lunch or a casual dinner, Arriba combines convenience with the vibrant tastes of Mexico.

Gringos Amigos

Want to explore Mexican restaurants in Budapest on a budget? Gringos Amigos has gained a reputation for its homemade tortillas and authentic recipes while staying highly affordable. From richly stuffed burritos to sweet, crispy churros, every dish reflects the care and tradition of Mexican cuisine. This cosy, family-friendly spot is a great choice for anyone looking to enjoy comforting, flavourful meals in Budapest.

El Mexicano

For a true street-food vibe, El Mexicano on Ráday Street offers a menu brimming with bold, authentic flavours. The tacos are generously filled, the quesadillas are oozing with cheese, and the overall experience feels like a small slice of Mexico. Its relaxed, unpretentious atmosphere makes it a hidden gem in the world of Mexican restaurants in Budapest.

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January 22, 2025

Another unexpected turn in the Grand Budapest project: here’s the National Asset Management’s reaction – UPDATED

Budapest mini Dubai Grand Budapest project

Real estate around the Rákosrendező train station in Budapest may only be sold to a buyer designated by the the United Arab Emirates, with the prior consent of the government, according to an intergovernmental economic cooperation agreement promulgated in 2024, the Hungarian National Asset Management Company (MNV) said on Wednesday. Will the leaderhip of the capital not be able to halt the Grand Budapest project and create Park City instead?

Grand Budapest project: Budapest will not be able to exercise pre-emption right

Any pre-emption right may only be exercised if the party that holds such a right fulfills all of the conditions in a purchase agreement signed on January 16 by MNV, on behalf of the state of Hungary, and the buyer, UAE developer Eagle Hills Hungary, MNV said.

On Tuesday, Budapest Mayor Gergely Karácsony said the city’s utilities company would exercise its pre-emption right for the derelict area which is set to undergo a major rehabilitation.

Dubai Budapest Grand Budapest project — The planned skyscrapers would be visible from everywhere. Photo: Facebook/Karácsony Gergely

In a message posted on social media on Wednesday, National Economy Minister Márton Nagy said the capital could not exercise its pre-emption right because of the UAE’s right to designate the buyer and called out the mayor for “political agitation”. He added that the mayor might see the benefits of the rehabilitation project in terms of job creation, the boon for the construction sector and the power to draw tourists, if he would look beyond “the goals of party politics and his own political survival”.

UPDATE: Budapest insists on preemption rights over Rákosrendező brownfield area, says Karácsony

The Budapest municipality will not waive its pre-emption rights over the brownfield area at Rákosrendező, the site of major reconstructions planned, Mayor Gergely Karácsony told a press conference on Wednesday, adding that statements by the government and ruling parties were contradicting each other.

The Hungarian National Asset Management Company (MNV) said earlier in the day that real estate around the Rákosrendező train station in Budapest may only be sold to a buyer designated by the the United Arab Emirates, with the prior consent of the government, according to an intergovernmental economic cooperation agreement promulgated in 2024.

Karácsony said the agreement published by MNV clearly showed that City Hall had pre-emption rights over the area. The municipality will exercise that right to “prevent a harmful investment the government is trying to force onto Budapest residents,” Karácsony said, adding that the municipality will build “Park City”, an earlier plan, in the area.

Budapest mayor misleading people concerning solidarity tax ruling, says government commissioner

Budapest Mayor Gergely Karácsony is “completely misleading people” through his remarks about a recent ruling concerning the city’s obligation to pay a solidarity tax to the central budget, Botond Sára, the city’s government commissioner, said in a video broadcast on Facebook on Wednesday.

“The ruling is just the opposite of what the mayor said,” Sára said, insisting that the court had not contested the lawfulness or the magnitude of the tax, nor did it rule that the state should reimburse the tax collected from metropolitan accounts.

Budapest Mayor Karácsony Grand Budapest project — Budapest Mayor Gergely Karácsony. Photo: MTI

On Tuesday, a Budapest court issued a binding ruling in favour of the city’s administration in its lawsuit against the state treasury over the solidarity tax, declaring the previous tax collection orders unlawful.

Read also:

Game-Changing clause could halt Hungarian Government’s skyscraper plans for Grand Budapest investment! – read more HERE
The Airbnb ban didn’t stop them: Budapest’s largest condo finds a loophole!

January 22, 2025

Danube Startup Summit with young participants from 5 countries held in Budapest

With approximately a hundred attendees from five different countries, youth under twenty-one years of age experienced an event they “couldn’t even imagine existed” in Europe, much less Hungary. From opportunities to network with like-minded youth, learn from three fire-side chats with wildly successful entrepreneurs, and listen to four young successful Hungarian entrepreneurs pitch their startups, the Danube Startup Summit has taken a firm step towards developing Eastern Europe’s startup ecosystem into the powerhouse it can be.

Danube Startup Summit with successful entrepreneurs

Jared Schrieber, a Californian tech entrepreneur who sold a startup he co-founded for $1.5 billion, discussed his research and journey in developing InfoScout (now known as Numerator). After his successful exit, he spent five years researching consumer retail brands for his book “Breakout Brands”, uncovering how challenger companies disrupt markets and achieve rapid growth by leveraging consumer insights, data-driven innovation, and agile strategies to outperform established competitors. He gave incredible insights into developing a startup and finding the best people to do it with.

György Nagy, a Hungarian private equity investor, discussed his journey from growing up in the Soviet Union to being the sole owner of over 70 businesses, generating 150 billion forints of revenue each year. He highlighted his selection process for purchasing companies, and discussed how he aids each business to grow through strategic cash infusions and hands-on management. An inspiring story about perseverance, he urged the audience to embrace fear and failure, since without them, he would not be the man he is today.

Next summit will be in Prague

Lastly, Dániel Balla, CSO and co-founder of Bitrise, Hungary’s very own unicorn company, highlighted his key learnings from YCombinator, an accelerator home to businesses such as Reddit, Twitch, and Airbnb. Daniel never knew he would be an entrepreneur, and discussed the surprising pivots and difficult lessons he had to learn in order to help Bitrise become the success it is today. He discussed the necessity of a crystal clear vision and focus in entrepreneurship, alongside the beauty of a great set of co-founders.

All fireside chats were professionally recorded, and can soon be found on the Danube Startup Summit Youtube channel. With this being just the first event, the young, ambitious entrepreneurs behind the Danube Startup Summit, Szilágyi Ferenc Deli (18), Daniel Gerlei (17), and Filip Ćerňy (18), are looking to organize a week-long, all expenses paid youth entrepreneurship program this summer, alongside recurring events in Hungary and throughout Europe.

Planning for the next event is already underway, taking place in Prague, Czech Republic.

Read also:

This is why guest workers are essential for Hungary’s economy – read more HERE
Has the Hungarian government worked out a plan to recover EU funds?

January 22, 2025

Budapest Fashion Week to be held in February

The Budapest Central European Fashion Week (BCEFW), one of the region’s most prestigious haute couture events, will be held in February, the organiser Hungarian Fashion and Design Agency (MDDU) said on Tuesday.

The event’s 15th season is being organized in broad international cooperation and will offer “a more colorful program than ever before, MDDU said.

Since 2018, the semi-annual event has introduced 80 Hungarian designers and 65 from neighbouring countries, while the number of visitors has tripled, MDDU said in a statement.

According to the organisers, the fashion week aims to make fashion and design an integral part of Budapest, and present its cultural heritage to international audiences and promoting the country’s image. So far, the main and side events of the programme have been held at such landmark buildings as the Várkert Bazár, the National and Fine Arts museums, the recently rebuilt royal riding school in the Castle or the former supreme court headquarters.

Budapest Fashion Week to be held in February, 2025.

The 15th Budapest Central European Fashion Week, which will take place from 10-16 February 2025, will feature more international partnerships than ever before, with designers from six countries – Romania, Serbia, Slovakia, Poland, Slovenia and the Czech Republic – showcasing their work. During BCEFW AW2526, nearly 50 designers, including young talents and established brands, will present their latest collections. Alongside fashion icons, fashion-conscious programmes and exciting accompanying events will make the jubilee unforgettable, while beauty care will be added to the BCEFW theme this year.

When Budapest becomes a fashion capital

Over the years, the Fashion Week has become more and more colourful and rich in accompanying programmes for the fashion-interested public.In the first seasons, the MOL Pop-Up Store and roundtable discussions including technology presentations were the backbone of the side events.In 2019, the Budapest Fashion & Tech Summit programme was added to the repertoire, with a number of international speakers addressing sustainability, digitalisation and innovation. During the viral period, traditional catwalk shows were replaced by a digital format, with the latest collections presented through spectacular runway videos – BCEFW’s YouTube videos reached nearly 12,000 viewers in one season. In 2021, the agency also opened a seasonal pop-up shop on Fashion Street to support the designers’ sales activities. 2023 saw the debut of the Fashion Hub at Millenáris for the first time in BCEFW’s history, which sold out with interactive workshops, lectures and presentations by more than 20 designers. The number of side events then reached 25, attracting nearly 1,000 visitors to the various venues. In 2024, the number of side events increased further, with fashion shows, shopping, professional programmes and co-arts events in more than 40 locations, which, combined with the success of the Fashion Hub, attracted nearly 3,000 visitors.

International fashion map

One of the MDDÜ’s key objectives is to give international visibility to the Hungarian fashion industry, which is why the event places a strong emphasis on inviting foreign press and industry professionals every season. In total, 27 countries have so far hosted world-renowned stylists, buyers and journalists representing more than 50 different international media from Japan to Canada, Dubai to Brazil, to participate in one of the region’s most prominent fashion events. The events’ role in shaping tourism and the country’s image was reinforced by hospitality programmes organised around the Fashion Week, which gave international professionals an insight into Budapest’s unique atmosphere and its architectural and cultural heritage. The event is also unique in that it is at the forefront of bringing together the creative industries of the region. Every year, the event attracts all the players in the fashion industry in the region: designers, models, stylists, influencers and media representatives. Over the years, BCEFW has become one of the region’s fashion hubs, where creative energies flow freely and where many brands and professionals are regular guests.

Court rules in favour of Budapest council in lawsuit over solidarity tax

A Budapest court has issued a binding ruling in favour of the city’s administration in its lawsuit against the state treasury over the solidarity tax, declaring the previous tax collection orders unlawful.

The Budapest metropolitan council filed its lawsuit in 2023 arguing that the 28 billion forints (EUR 67.9m) in solidarity tax it had paid to the state treasury was unlawful because it exceeded the funding it received from the government. The state treasury had previously argued that the case only concerned its Pest County organisation, but the Budapest Municipal Court disagreed, saying the tax collection orders were issued and the treasury sent the related letters. The court annulled the treasury’s letters on the payment orders on the grounds that they were “non-existent administrative acts that suffer from fundamental formal legal deficiencies”.

Commenting on the ruling, Budapest Mayor Gergely Karácsony said the court had made it clear that the state treasury had “unlawfully” charged the metropolitan council’s account.
He told a press conference that the treasury had to transfer 28.3 billion forints plus interest to the city council, otherwise they will take legal action. He noted that another lawsuit was pending on the 40 billion forints in solidarity tax that the city council paid in 2024, but there was “no doubt” after Tuesday’s ruling that the court would issue the same decision.

BREAKING NEWS: Game-Changing clause could halt Hungarian Government’s skyscraper plans for Grand Budapest investment!

The Prime Minister’s Office said Karacsony was misleading the public with his remarks on the ruling, arguing that under the court’s decision, Budapest still had an obligation to pay the solidarity tax, which the state had collected from the metropolitan council. The office said the court had not ruled that the state had to pay back the tax, adding that it had merely pointed out a procedural error on the treasury’s part, which the treasury had corrected.

BREAKING NEWS: Game-Changing clause could halt Hungarian Government’s skyscraper plans for Grand Budapest investment!

An interesting turn of events has occurred regarding the planned major investment in the Rákosrendező area, known as Mini-Dubai or Grand Budapest. Following the publication of the contracts, it has emerged that Budapest Public Utilities, a company of the Municipality of Budapest, holds a right of first refusal on the site. This right allows the capital to reclaim the strategic site, which was previously purchased by the Eagle Hills Group of the United Arab Emirates.

According to Telex, Gergely Karácsony, the Mayor of Budapest, has clarified that the municipality intends to exercise this right. The immediate payment of the first instalment of HUF 12.7 billion (EUR 30.9 million) would initiate the process of buying back the land, which would be financed using money recovered from the solidarity contribution. The new owner would be required to settle the full purchase price by 2039, enabling the capital to make staggered payments and implement the plans over the long term.

Rákosrendező: A twist in the contract

Under the mayor’s plans, the area would be developed as a city park rather than the current Grand Budapest investor concept of a modern skyscraper district. This plan aligns more closely with Budapest’s environmental and liveability goals. Karácsony stated that the capital intends for the real estate development to be implemented through international tenders to ensure that it constitutes sustainable development in the city’s interest.

Karácsony has been highly critical of the sale of the site, describing it as “net treason”. He called for the Grand Budapest contracts to be made public in the interest of transparency, which led to the discovery of a clause favouring the capital. The mayor asserted that the land should serve the interests of Budapest, not the profit motives of a foreign developer.

rákosrendező railway station intergovernmental agreement Mini-Dubai — The Rákosrendező railway station. Source: Wikimedia Commons/12akd

Reclaiming the Rákosrendező area and transforming it into a park city could represent one of the capital’s largest green investments, in line with Budapest’s long-term sustainability and liveability objectives. This project would not only bolster the economic stability of the capital but also enhance the quality of life for its residents.

The court ruling and the Rákosrendező case highlight the serious impact of the conflict between the capital and the government on Budapest’s development. Abstract resources and political disagreements delay the implementation of investments, while the direct interests of the population are often overshadowed. However, the current situation provides hope that the capital will gain greater autonomy and room for manoeuvre in its future development.

A possible source of funding: The solidarity contribution

Budapest reached an important milestone when the court ruled that the solidarity contribution imposed by the state on the capital was illegal. The ruling will enable the capital to recover HUF 28.3 billion (EUR 68.8 million) previously retained by the State Treasury. Gergely Karácsony stressed that this money is vital for Budapest’s viability but could also support financing a major investment.

After a protracted legal battle, the capital has now achieved victory. The size and principle of the solidarity contribution were challenged because they imposed a significant burden on the city while also contravening the financial autonomy of local authorities enshrined in the Fundamental Law. The court’s ruling means that Budapest can now recover the amount deducted, which will not only allow the city to continue operations but also implement major projects.

The capital has faced a tight budgetary situation for years, exacerbated by government cutbacks and a series of crises. In recent years, the municipality has had to resort to current account loans on several occasions to maintain day-to-day operations such as public transport and public services. However, the recent court ruling could help alleviate this situation and provide the capital with the opportunity to pursue a more independent economic path

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January 21, 2025

Controversy erupts over €12 Billion Grand Budapest development: critics raise strong objections

Grand Budapest presents an urban development opportunity to the Hungarian capital on an unprecedented scale, but not everyone is pleased. Critics have already begun speaking out against the project and its implications for urban growth.

As reported immediately yesterday, the sale of the Rákosrendező railway station, which has been neglected for decades, has been officially concluded. The real estate development, called Grand Budapest, aims to create a modern, world-class district. Here are the details: Goodbye mini-Dubai, hello Grand Budapest: The €12 billion urban transformation!

Debate over Grand Budapest within the Government

In Budapest, under current legislation, buildings may be up to 90 metres high. However, according to the Ministry of National Economy the Eagle Hills’ Grand Budapest proposal allows for buildings up to 250–500 metres high in some parts of the area. This implies that the Government will support the construction of these taller buildings.

However, another ministry has expressed the opposite view regarding the Grand Budapest project, as Telex was informed:

“The Ministry of Construction and Transport continues to insist on compliance with the relevant provisions of the Hungarian Architecture Act (Act C of 2023), which prohibit the construction of buildings up to 500 metres. We do not support the construction of 500-metre-high buildings or skyscrapers.”

The ministry did not clarify why it considers such skyscrapers harmful in a designated area of the Hungarian capital, particularly given the examples of other global cities. London and Paris, for instance, attract hundreds of thousands of tourists who come to admire their skyscrapers.

The Government has stated that the area’s development will not be neglected. Around €800 million worth of public infrastructure improvements are planned, including the construction of a pedestrian and railway overpass, upgrades to railway tracks, the extension of the M1 metro line, the creation of a cycle and pedestrian path, and the covering of railway tracks to establish a park above them.

Read also: Liget City Project received the green light in Budapest downtown: new apartments, offices, garages – VISUALS

Budapest Mayor files data request for Grand Budapest project contract

Following the announcement of the land sale, Gergely Karácsony, the Mayor of Budapest, described the move as a “net betrayal of the country”, claiming that the government had sold off one of Budapest’s “gold reserves” to an Arab investor who had previously destroyed a similar area in Belgrade. He remarked: “Instead of unaffordable luxury skyscrapers, we need affordable housing and greening in Rákosrendező.”

On Monday, Karácsony stated that he had filed a public interest data request with the railway company MÁV and the National Asset Manager for the contract related to the redevelopment of the city’s Rákosrendező district.

“We have repeatedly demanded that the government’s dealings with the Arab investors on the mini-Dubai project be made public,” Karácsony wrote in a Facebook post.

“Yet they signed a contract without any competition whatsoever, keeping every detail secret, including the purchase price and the investor’s true intentions.” He explained that his public data request, filed in accordance with freedom of information laws, applies to “all of the contract’s annexes and appendices”. The mayor also warned that the city council would take legal action if the documents were not disclosed within the legally mandated deadline.

Vitézy: 500-metre skyscrapers are out of the question in Budapest

Dávid Vitézy, leader of the Podmaniczky Movement in the city assembly, agreed with the Mayor’s concerns, describing the Grand Budapest proposal as nonsensical for the Hungarian capital.

“Budapest is a uniquely valuable historic city,” he stated. “There are only a handful of places worldwide that can boast a historic city centre as large and as coherently preserved as ours. Its architectural, cultural, tourist, and world heritage values would be threatened by a 500-metre-high building on the edge of the city centre, which rivals János Hill. Such a building would be 3.5 times taller than the MOL Tower. For comparison, the tallest buildings in Warsaw or London, such as the Warsaw Tower or the Shard, are 310 metres high, and even the Empire State Building in New York is not 500 metres tall.”

In his view, Budapest does not require skyscrapers. Neither additional office space nor luxury apartments in such buildings are among the city’s most pressing needs—unlike the shortage of affordable rental housing.

UPDATE

BREAKING NEWS: Game-Changing clause could halt Hungarian Government’s skyscraper plans for Grand Budapest investment!

The Airbnb ban didn’t stop them: Budapest’s largest condo finds a loophole!

The referendum to ban Airbnb in Terézváros has brought significant changes to local accommodation services, particularly in the Central Passage condominium. Residents and property owners in the building are adapting to the new regulations with innovative solutions that are set to impact the district’s tourism industry and community dynamics.

Situated between Király Street and Paulay Ede Street, the Central Passage condominium was built in the mid-2000s. The seven-storey, 270-apartment complex was developed by a Spanish company that went bankrupt following the 2008 economic crisis. The building then experienced a prolonged period of stagnation until the early 2010s when property service companies began to emerge.

airbnb short term rental budapest tourism Airbnb in Budapest — Photo: depositphotos.com

Over time, one company acquired the vacant retail spaces and part of the car park, assets which have since become central to the operation of accommodation services. Today, most of the apartments are operated by 7Seasons Apartments, which has established a reception in the building and has extensive experience in the short-term accommodation market.

The Airbnb situation in Terézváros

In autumn 2023, residents of Terézváros voted in a referendum to ban Airbnb and similar services in the district. This decision posed a significant challenge for Central Passage, where more than 88% of apartments were used for private or other short-term accommodations. Under the ordinance, owners were faced with a choice: cease offering accommodation or convert their properties into commercial accommodations.

In early 2024, Central Passage’s owners convened a general meeting, where the majority voted to continue using the apartments as Airbnb accommodations. This decision necessitated several adaptations, including installing a fire alarm system, operating a reception, and providing breakfast for guests. A large majority of owners supported these changes, enabling the complex to comply with the stricter regulatory framework.

budapest hungary real estate flat — Photo: Alpár Kató – Daily News Hungary ©

Tamás Soproni, Mayor of District VI, recognised the unique position of Central Passage, as reported by 24.hu. He noted that the building exemplifies how a condominium can comply with the stringent regulations for commercial accommodations. However, he emphasised that similar transformations would be unfeasible in other traditional apartment buildings in the district, primarily due to inadequate infrastructure.

The new regime poses challenges not only for accommodation providers but also for local communities. The experience of Central Passage underscores the difficulties many condominiums face in meeting the requirements for operating commercial accommodations. This has inevitably led to disputes among residents and shifts in business models.

The example set by 7Seasons Apartments and other operators demonstrates that adaptation is possible despite strict regulations, albeit under specific conditions. This new model could have a lasting impact on the district’s tourism image and housing conditions. Constructive dialogue among stakeholders and the sharing of experiences may prove crucial in mitigating further conflicts. The case of Central Passage illustrates how a community can innovate and adapt to change while navigating the challenges of an urban environment.

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January 21, 2025

City Hall Park to be renovated in the heart of Budapest

“Here is the city’s new, very green and very cool main square, which will finally free the courtyard of the City Hall 3 from its confinement and become the city’s meeting point in the heart of Budapest, where the green space per capita is now the smallest. We are ready with the concept plans for the City Hall Park” – writes Mayor Gergely Karácsony on Facebook.

But when is still a question, Gergely Karácsony writes that it won’t be up to them to start construction next year, but an investment of this size always takes time, and the historic environment and the changed building law don’t make it any easier.
Some work has already begun: the courtyard is no longer a car park, the Merlin is once again a cultural and community space, and the City Hall Park has been returned to the people of Budapest and is being regenerated.

80 trees have been planted and will be irrigated with rainwater from the roofs. The proportion of green space has been increased to 50% and accessibility is planned.

Foreign property buyers reshape Hungary’s real estate landscape

Hungary is experiencing a significant increase in foreign property purchases, particularly from non-EU buyers, which is affecting its housing market, especially in Budapest and certain counties. This trend has sparked discussions about potential measures to address the situation.

Current trends in foreign property purchases

In 2023, Hungary saw a notable rise in property acquisition requests from non-EU buyers: 2,981 applications were submitted, marking an 18% increase from 2022. This number represents a 10% increase compared to 2021 and a 36% rise from 2020. Chinese buyers led with 647 applications, typically seeking higher-priced properties in Budapest, G7 reports.

The distribution of these purchases is not uniform across the country: Budapest’s inner districts (V., VI., VII., VIII., IX.) saw 17% of purchases by foreign buyers. Overall, foreign buyers accounted for over 6% of purchases in the Hungarian capital. As for counties, Somogy and Zala experienced 14% of purchases by foreign buyers, while the national average stands at around 5%.

Impact on specific areas

Chinese buyers show a preference for certain Budapest districts: 13% of their purchases were in District XIII, while 11% were in District X. Russian buyers, the second largest group, favoured District VI, which saw 17% of their purchases, and District VII, with 9% of their purchases. Ukrainians constituted the third largest group of non-EEA property buyers.

Proposed measures and challenges

The Budapest City Council, led by Mayor Gergely Karácsony, is considering a two-year ban on property purchases by non-European Economic Area citizens. This proposal is part of a broader ten-point program aimed at addressing the city’s housing crisis. However, this potential measure faces challenges, as it would require cooperation from the national government. Additionally, it conflicts with the government’s golden visa programme, which aims to attract non-EU investors. The golden visa program currently requires a EUR 250,000 investment in special real estate funds. A plan to extend this to direct property purchases of EUR 500,000 or more was unexpectedly withdrawn in December.

Current regulations

Presently, non-EEA buyers must obtain permission from government offices to purchase property in Hungary. In 2023, 72% of applications were submitted for properties in Budapest, while several districts saw over 100 applications each, with Districts XIII and VI being the most popular.

As Hungary grapples with these trends, the effectiveness of any implemented measures will be closely watched, potentially influencing future policies in the Hungarian real estate market.

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Featured image: depositphotos.com

January 20, 2025

Ryanair forced landing at Budapest Airport, more than 100 police deployed

A Ryanair flight from Copenhagen to Budapest was met with a massive police response upon landing at Liszt Ferenc International Airport on Monday afternoon, following a suspected bomb threat.

The plane’s crew conducted thorough onboard searches mid-flight, and after landing, over 100 police officers, including K9 units and armored vehicles, were deployed to inspect passengers and luggage.

An eyewitness reported that the flight departed with a one-hour delay and that tensions arose when a passenger caused a disturbance. Around 40 minutes from Budapest, the cabin crew instructed passengers to stand while they searched the aircraft and personal belongings. According to Blikk, passengers were required to stay seated with seatbelts fastened for the remainder of the flight, which was expedited, covering the remaining distance in just 20 minutes.

After landing, the plane stopped on the runway, and passengers were initially not allowed to disembark. They were later transported by bus to a secure area for further checks. A woman involved in the pre-flight disturbance was escorted away by police, while other passengers were released without further explanation.

Budapest Airport confirmed that the flight received a bomb threat but landed safely at 12:33 PM local time. Authorities inspected the aircraft and luggage thoroughly before clearing it for normal operations. The incident temporarily closed Runway 1 but caused no major disruptions to airport traffic.

Despite the alarming situation, passengers felt reassured by the strong police presence and noted that officers were professional and courteous throughout the ordeal.

We will update this article if we receive further information on what is happening. Until then, read our latest article about Ryanair: Unexpected Ryanair decision concerning summer 2025 flights affects Hungary

Goodbye mini-Dubai, hello Grand Budapest: The €12 billion urban transformation!

Following a major government decision, the sale of the Rákosrendező railway station, which has been neglected for decades, was officially closed on 16th January 2025. The real estate development called Grand Budapest aims to create a modern, world-class district that will bring profound changes to the transport and economic life of Budapest.

The Eagle Hills Group from the United Arab Emirates has taken on the Grand Budapest project, which covers 85 hectares of land and was acquired for a net purchase price of HUF 50.9 billion (EUR 123.5 million). The redevelopment will focus on sustainability and becoming a smart city. The plan is to create 35 to 40 hectares of parks and community spaces in the 100-hectare area. The new district will promote sustainable urban living through energy-efficient buildings, renewable energy systems, and smart waste management. The project will include a range of sports, education, and leisure facilities, with a strong focus on improving the quality of life for city residents.

The Grand Budapest: a new neighbourhood!

The project’s official name, Grand Budapest, reflects its scale and ambition. According to the Hungarian Government, buildings between 250 and 500 meters tall are planned to form a new district that will be a dominant feature of the cityscape. The UAE government has committed to encourage an investor from the UAE to invest at least HUF 2 trillion (EUR 5 billion) in the area, which will positively impact other sectors of the economy besides the construction industry.

The investment will create thousands of new jobs, both during construction and operation, and is expected to contribute to a 2% increase in Hungary’s GDP. Property values will rise, local businesses will be boosted, and Budapest’s attractiveness as a tourist destination will be significantly enhanced. Eagle Hills emphasised that the development will pay particular attention to the interests of the local communities and will strictly comply with all architectural and environmental standards.

Eagle Hills and investors

According to Abu Dhabi investors, the Grand Budapest project aims to create an urban environment that offers sustainability, innovation, and community experiences. According to VIlággazdaság, the new neighbourhood could be a model for the world on how to transform a derelict industrial site into a liveable and modern urban district.

Eagle Hills will pay the purchase price for the land in three instalments. Upon completion of the first instalment, the company will acquire title, which will allow the project to begin. The payment of subsequent instalments is closely linked to the fulfilment of commitments made by the Hungarian government, including the creation of the necessary legal environment and ensuring the priority status of the project. The payment of the final instalment is conditional on the implementation of public infrastructure improvements worth some HUF 329.6 billion (EUR 800 million), including new road and rail links and the extension of the M1 metro.

The final deadline for the Grand Budapest project is 2039, by which time the improvements will have been completed in stages. Once the inflation-adjusted purchase price has been paid in full, Eagle Hills will complete its investment, leaving behind a vibrant new neighbourhood that could become one of Budapest’s most prominent.

UPDATE

Controversy erupts over €12 Billion Grand Budapest development: critics raise alarms

UPDATE 2

BREAKING NEWS: Game-Changing clause could halt Hungarian Government’s skyscraper plans for Grand Budapest investment!

Read also:

Featured image: depositphotos.com

January 20, 2025

Hungarian record store proudly makes it to world rankings

A Hungarian record store has achieved notable recognition by being included in the Financial Times world rankings. Kalóz Records, based in Budapest, has earned a spot on the prestigious list, joining renowned stores in New York, London, and Stockholm.

The best record store

The Financial Times praises the Budapest shop in a brief review, describing it as small but a place where visitors can spend hours browsing. The store offers a diverse range of music, including Hungarian progressive music, techno, classic Indian raga and a unique selection of records from behind the old Iron Curtain. While there are no dedicated turntables for listening, the staff will gladly play a record of your choice upon request.

Record store also commented

Kalóz Records expressed their delight on Instagram: “The Financial Times, a prestigious music magazine, has published a list of the best record shops in the world, and we’re in it. Of course, we know that such lists are arbitrary and that the media lie, but there’s just something tingly about being in the same league as such temples as @academyrecords in New York, @superfly.records in Paris, @sounds_of_the_universe in London, or The Thing in Brooklyn. Of course we’re not. We’ve been to the good record shops, we know what it’s like. You could say the world is ripe for destruction, where this performance could put you among the best. But thank you very much!! “

The now world-famous Kalóz Records is located at 25 Bródy Sándor Street in Budapest.

Another record store from CEE region

The inclusion of Kalóz Records on the list is particularly significant, as only one other store from the Central and Eastern European region made the rankings: Paul’s Boutique in Kraków.

Located in the heart of Kazimierz, this is one of many cool shops in Kraków’s historic Jewish quarter. Named after perhaps the best album by the Beastie Boys, the shop offers a decent collection of Polish jazz – one of the continent’s best and liveliest scenes – as well as jazz and hip hop. The staff are knowledgeable and helpful, even open on a holiday to collect some records.

Budapest’s dazzling winter jewellery exhibition

An exhibition entitled “Shine! – The Time of Jewellery” opened at the Hungarian National Museum, which attracted many visitors.

Jewellery exhibition in Budapest

The exhibition presents the most exceptional pieces from the museum’s jewellery collection, as well as contemporary jewellery by art collector Katalin Spengler and former and current students and lecturers of the Moholy-Nagy University of Art and Design, the press release says. The exhibition spans 40,000 years, from Hun-Aryan, medieval and Baroque works to contemporary Hungarian jewellery design. The Hungarian press hailed Shine! The Time of Jewellery as the most beautiful Advent exhibition in 2024, and its popularity is proven by the fact that less than three months after its opening, the 30,000th visitor arrived, and the museum presented them with a gift.” – said Dr. Gábor Zsigmond, Director General of the Hungarian National Museum.

The world-class collection of jewellery includes objects such as the poison ring of King Béla III, the 900-year-old ring of Kálmán Könyves and the mourning jewellery of Hungarian women who were concerned for the fate of the nation after the 1848-49 War of Independence, who stood up for the homeland and mourned the martyrs of Arad even 10 years later. In addition to the unique treasures of the Carpathian Basin, the exhibition also features contemporary jewellery art, represented by pieces from Katalin Spengler’s collection, which is renowned throughout Europe, and by the works of students and teachers from MOME – Moholy-Nagy University of Art and Design.

jelwellery exhibition in Budapest Hungary — An exhibition entitled “Shine! – The Time of Jewellery” opened at the Hungarian National Museum.

The jewellery exhibition is also enriched by the ever-changing content of the National Museum building, making it worth returning to several times. Katalin Spengler’s jewellery, among others, is housed in the museum’s magnificent staircase island. The “contemporary jewellery island”, which opened at the same time as the exhibition, was reorganised at the end of December with a new concept: contemporary jewellery is now about structure, structures, harmony, rhythm and sequences.

On 17 December, a new pop-up exhibition entitled On Boundaries – Jewellery at the Intersections of Man, Nature and the Built Environment was added to the exhibition in the Dome Room, featuring works by current and former students and teachers of MOME.

Coming months

In the coming months, the jewellery exhibition will be accompanied by a series of exciting accompanying programmes, museum education activities and workshops, and the 3000-year-old Somló necklace will remain on display in the Széchényi Room of the Museum.

The good news is that the museum has extended the exhibition until 13 April, 2025.

Ruby Hotels to open its first hotel in Budapest in an iconic building – PHOTOS

Ruby Hotels opens its first hotel in Budapest, Hungary, in the iconic Corvin Palace. The hotel chain is transforming the historic building into a vibrant hub for visitors and locals alike. The project is being carried out in partnership with the Balogh family, a renowned local developer known for their innovative transformation projects and commitment to preserving the city’s architectural heritage.

Ruby Hotels in Budapest

Under the leadership of founder and CEO Michael Struck, Ruby Hotels continues its expansion across Europe by introducing its first hotel in Budapest. This mixed-use conversion will feature a Ruby Hotel with 181 stylish rooms, alongside retail and gastronomic outlets, as well as a food and cultural market. The new hotel will be spread across four floors of the building. Public areas, including a bar and lounge, will be located on the 5th floor in the building’s impressive attic, which features over six-meter-high ceilings and offers stunning views of Budapest’s skyline and the iconic ‘Lady on the Hill’ statue.

Corvin Palace, Budapest’s oldest department store and a listed building from 1926, is undergoing a transformation into a vibrant hub for both locals and visitors. Strategically situated at Blaha Lujza Square, one of the city’s main squares, the hotel benefits from excellent public transport connections, including metro, bus, and tram lines, ensuring seamless travel within the city. Adjacent to the lively and scenic Jewish Quarter, home to some of the city’s hottest restaurants and bars, it offers guests easy access to the city’s rich cultural and leisure attractions. Additionally, Budapest Ferenc Liszt International Airport is just 25 minutes away, providing convenient access for international travelers.

Renowned for its historic charm and vibrant cultural scene, Budapest continues to attract global adventurers, with growing demand for high-quality accommodations. Elena Günther-Jakobs, Associate Director Development Northern & Central Europe, remarks: “Budapest is a city of incredible energy and creativity, making it an ideal destination for our target group. The hotel market in Budapest shows sustainable growth and offers a lot of potential for our Lean Luxury concept which we believe fills a gap in the market for stylish, high-quality, yet affordable hospitality options. We are excited to continue our great collaboration with the Balogh family to bring our unique blend of style, functionality, and affordability to Eastern Europe.”

Olivér Balogh, Co-Owner of Corvin Palace, comments on the partnership: “We truly think that Ruby’s Lean Luxury concept is the future of hospitality in a city like Budapest. With Time Out Market Budapest opening in Corvin Palace alongside Ruby, we believe we have found the perfect tenant mix for our heritage building to celebrate its 100th birthday in 2026.”

The Balogh family, a respected force in the local real estate market, is recognized for their forward-thinking redevelopment projects and unwavering commitment to protecting architectural heritage. Ruby’s in-house design team, led by Matthew Balon, will be responsible for outfitting the hotel with its signature blend of aesthetics and practicality creating spaces that reflect Ruby‘s Lean Luxury philosophy while honoring the historic character of Corvin Palace.

Construction is set to begin in late 2025, with the hotel’s opening anticipated by the end of 2026.

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January 20, 2025

Unique ruin bar in Budapest among Europe’s top 3 bars

The European Bar Guide’s 2025 rankings spotlight Szimpla Kert as Europe’s second-best bar. As the OG ruin bar in Budapest, it’s famed for its eclectic décor, buzzing vibe, and bohemian charm, making it a must-visit destination for nightlife enthusiasts.

The top 100 bars in Europe

The European Bar Guide has released its highly anticipated 2025 list of the best bars in Europe, helping travellers discover the top spots for a memorable drink. Bars are evaluated on five key criteria: the quality and variety of drinks, style and décor, character and local buzz, events and services, and overall value for money. Claiming the top spot is La Fleur En Papier Doré in Brussels, renowned for its artistic medieval décor and distinct charm.

Coming in second is Szimpla Kert, the oldest and most iconic ruin bar in Budapest. This legendary venue is celebrated for its eclectic style, lively atmosphere, and its role in defining the ruin pub culture that has made Budapest a top destination for nightlife enthusiasts.

The best ruin bar in Budapest

According to the European Bar Guide, Szimpla Kert, the original ruin bar in Budapest, has become a global icon since its opening in 2002, setting the standard for this unique concept. Its eclectic, layered décor of graffiti, vintage furniture, and quirky look creates a hyper-real atmosphere, offering an otherworldly escape from the ordinary. This sprawling venue features a lush atrium with a dramatic chimney stack, tropical greenery, and countless nooks to explore, blending industrial heritage with bohemian charm.

By day, it’s a relaxed haven, hosting a lively Sunday farmer’s market with local traders and folk music, while by night, it transforms into a vibrant hub with live performances, craft beer bars, and a carefree vibe that lasts until 4 AM. Free to enter, Szimpla’s ever-changing character, mist-cooled summer days, and unpretentious spirit make it an essential destination for anyone seeking the best of Budapest’s nightlife.

Where to go next?

If you like the vibe of Szimpla Kert, you might enjoy Instant-Fogas and Púder Bárszínház, two standout options for experiencing a ruin bar in Budapest. Instant-Fogas combines the charm of a historic ruin pub with the energy of a sprawling nightlife complex, featuring a maze-like layout. With multiple dance floors, themed rooms, and bars catering to all tastes, it’s a buzzing hotspot for everything from electronic beats to Latin music, offering an unforgettable late-night experience.

For a more artistic twist, Púder Bárszínház blends theatrical flair with the eclectic charm of a ruin bar. Its surreal interior, complete with whimsical sculptures and vibrant murals, creates a lively yet sophisticated atmosphere. The venue combines dining, cultural events, and an impressive selection of wines and cocktails. It is a must-visit for anyone seeking to explore a chic ruin bar in Budapest.

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January 19, 2025

VISUALS – Liget City Project received the green light in Budapest downtown: new apartments, offices, garages

According to the leadership of Erzsébetváros, Budapest’s 7th district, the area surrounded by the Rottenbiller Street – Damjanich Street – Bethlen Gábor Street – Dembinszky Street is a rust zone that needs renewal. Therefore, they would allow Liget City Projekt Ltd, the owner of the territory, to build new apartments, offices, and garages, creating new green spaces and renewing the buildings under monumental protection in the area. The gigantic Liget City Project will be one of Budapest’s biggest construction initiatives when it starts.

Gigantic Liget City Project given green light

According to Építészfórum, the local council of Erzsébetváros, Budapest’s 7th district, gave the green light to start the so-called Liget City Project. However, according to the district’s chief architect, Benedek Sólyom, that only means some legal work to unite the parcels and create an area for construction. Several political, public, etc. consultations will follow that step.

Péter Niedermüller, the district’s Democratic Coalition (former PM Gyurcsány’s party) mayor, said they aimed to renew that neglected zone and create buildings attracting new residents to move in. Therefore, the local council agreed to modify relevant agreements and unite the construction parcels.

The long-term plan is to create approximately 375 new apartments, 4,700 sqm of green spaces, 500 parking places in the garage, a new playground and EUR 800,000 paid by the investor to the local government as city development subsidy to renew neighbouring streets and create more green spaces.

The project already started before

The project started in 2020, but the COVID-19 pandemic brought it to a complete halt because public consultations could not be carried out. That’s what the local councillor of Színes Erzsébetváros (Colourful Elizabethtown) slammed in the first place after last year’s decision. Béla Lajos said the project’s socialisation and public consultations were unsuccessful.

Liget City Budapest rust belt zone — The current situation. Photo: PrtScr/FB Video Péter Niedermüller

The local representatives of PM Orbán’s Fidesz criticised the Liget City Project due to the low number of apartments and parking places planned to be built. They said there should be fewer office buildings and more apartments and garages available for the residents and future residents. They also said the investor should pay a higher city development subsidy.

According to Építészfórum, the area affected is 45 thousand sqm, and there would be a dormitory and several buildings for apartments, shops and offices, as well, which the mayor forgot to mention in his relevant post. The University of Veterinary Medicine Budapest is close to the project’s venue, which is probably why they plan to build a dormitory. They added that some of the buildings in the area are under monumental protection and, according to the plans, those would be renewed. The roofs of the new buildings would be green.

Designated as a “rust belt area”

The project received the green light with the support of the councillors of the DK-Momentum-Socialists-Dialogue for Hungary. Fidesz, the Hungarian Two-Tailed Dog Party and Színes Erzsébetváros did not support the plans. Péter Niedermüller and his coalition enjoy a solid majority in the city council, so we can expect the project to continue.

The rehabilitation of the area started in the summer of 2020 with the dismantling of several ruined store and office buildings on Rottenbiller Street. In July 2023, the Hungarian government designated the territory as a “rust belt action area”.

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The old Elisabeth Bridge in Budapest: one of the world’s most beautiful and longest chain bridges was demolished 80 years ago – read more HERE
Budapest mayor: busiest metro line may undergo major upgrade – details in THIS article

January 19, 2025

Budapest university offers unique scholarship for thousands of students

At Corvinus University, tuition-free education is made possible not through state scholarships but via the unique Corvinus Scholarship, funded by the Maecenas Universitatis Corvini Foundation. The scholarship is performance-based, its regulations are more flexible than those of state scholarships, and more than three-quarters of the university’s students receive it. In the upcoming academic year, Corvinus expects to welcome approximately 1,500 tuition-free students once again.

Among foundation-maintained universities, Corvinus is the only institution that offers tuition-free places to students without relying on state funding. The Corvinus Scholarship, provided by the Maecenas Universitatis Corvini Foundation, covers the tuition fees, enabling recipients to study free of charge. Applicants from Hungary for this scholarship must select the “Supported Program” (“A” code) option when applying through felvi.hu.

The Corvinus Scholarship also differs from state scholarships in that self-funded students can reapply for the scholarship every academic year. Additionally, recipients are not required to undertake mandatory employment in Hungary after graduation to compensate for their years of tuition-free study.

Hundreds of tuition-free places at Budapest university

In the 2024/25 academic year, Corvinus University admitted a total of 1,871 students through the central admission procedure: 1,376 to bachelor’s programs, 439 to master’s programs, and 56 to single-cycled programs. Of those enrolled in full-time bachelor’s programs, 75% received the Corvinus Scholarship, as did 93% of those admitted to full-time master’s programs. In total, this means that over 1,500 first-year students were able to study free of charge at Corvinus.

The exact number of tuition-free places for the upcoming academic year will be determined based on admission results, but Corvinus plans to maintain at least the same number as last year, ensuring around 1,500 tuition-free opportunities for the 2025/26 academic year.

The claim made by the Academic Workers’ Forum from Hungary, as reported in the press, that Corvinus is reducing the number of tuition-free places, is not true. We covered that issue in THIS article.

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Top 3 in the region: Corvinus University gains prestigious recognition – read more HERE
Hungary’s universities break through in 2024 Shanghai Rankings—HERE is the ones that are in the top 200

January 18, 2025

Tereza

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El Mexicano

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The best record store

Record store also commented

Another record store from CEE region

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Jewellery exhibition in Budapest

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Coming months

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Ruby Hotels in Budapest

The top 100 bars in Europe

The best ruin bar in Budapest

Where to go next?

Gigantic Liget City Project given green light

The project already started before

Designated as a “rust belt area”

Hundreds of tuition-free places at Budapest university